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Bangladeshi startups get US$ 750m investment: Palak

Bangladeshi startups get US$ 750m investment: Palak

State Minister for ICT Zunaid Ahmed Palak on Wednesday (Mar 16) said Startup Bangladesh will give Tk 17 crore to eight startups to scale up their products and services from Tk 100 crore allocated for 50 startups under 'Shoborshe Shoto Asha Programme'.

Startup Bangladesh, a flagship venture capital fund of ICT Division, announced the names of eight startups on Wednesday at the second investment announcement ceremony organised by Startup Bangladesh at BCC auditorium, Agargaon, Dhaka, local media reported.

With this second series of investments, a total of Tk 34 crore are being given to 15 startups so far under `Shotobarshe Shoto Asha' programme launched earlier, marking the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and 50 years of independence of Bangladesh.

Addressing the function virtually, Palak said Bangladeshi startups got a foreign investment worth US$ 750 million during the last one decade.

"Bangladesh is expecting more local and foreign investment in the days to come as it has created a startup ecosystem conducive for investment," he said.

Palak said the government has been encouraging the young talents to come up with quality and sustainable startups to develop a culture of innovation and startups.

"It (the government) undertakes various initiatives, including framing policies, formation of Startup Bangladesh venture capital fund and allocation of Tk 500 crore that will help flourish startups," he said, adding with these initiatives, a startup ecosystem has been developed in the country.

Palak said the young entrepreneurs and innovators are the pioneers in building Digital Bangladesh and the government has made Youth Entrepreneurship agenda as one of the top priorities in its policies for future.

Chaired by Managing Director of Startup Bangladesh Sami Ahmed, the function was addressed, among others, by Ambassador of Turkey Mustafa Osman Turan, Executive Director of Bangladesh Computer Council (BCC) Dr Abdul Mannan and Additional Secretary of ICT Division Khandoker Azizul Islam.

Mustafa Osman Turan said Bangladesh has created enabling environment to develop startup culture in its journey towards building Digital Bangladesh.

Sami Ahmed said the government's various efforts will enable the nation to innovate faster, create new jobs, develop technical skills, and realize the goals of vision 2041.

"We now want to put emphasis on building digital economy by flourishing ICT sector to help turn Bangladesh into a developed one by 2041," he added.